General Banking and Finance

Cabinet approves obtaining US$ 400 million loan facility from the Asian Development Bank for the financial sector stability and reform program in Sri Lanka

The Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Economic Stabilization, and National Policy, to obtain the loan facility of US$ 200 million from the Asian Development Bank under the second sub program of the financial sector stability and reform program in Sri Lanka.

Approval had been given at the cabinet meeting held on 25-09-2023 to obtain the loan facility of US$ 400 million on a policy basis under the 02 sub programs for implementation of the stabilization of the financial sector and reform program in Sri Lanka.

Accordingly, US$ 200 million has been given for the first subprogram as of December 2023. In order to obtain the remaining loan amount of US$ 200 million under the second subprogram, 12 pre-policy activities should be completed, and at present most of said activities have been

completed or in the final stages of completion.

Source: The Island